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商品編號： HKU253 出版日期： 2003/02/10 作者姓名： Pretorius, Frederik;Ho, Mary 商品類別： Finance 商品規格： 12p 再版日期： 地域： Hong Kong 產業： 個案年度： 2002 - 2002
商品敘述：
Provides real estate market data for the analysis of an office lease or buy decision. Demonstrates what is known as the ""leasing puzzle""--the answer simply being that the two forms of financing are not cost equivalent in the presence of capital market imperfections, despite both being credit forms. Explores asset-specificity arguments to support the view that generally, a firm should not own an office unless it is dictated by its core business. Presents two opposing anecdotes to illustrate why trading companies should not take the opportunity to capitalize on a buoyant real estate market. The argument is that shareholders do not need trading companies to invest in properties for them, because they can do this through their own investment portfolio activities. Also explores issues such as shareholder rights and accounting and tax implications. Analysis provides ample materials for debate.
涵蓋領域：
Decision making;Financial strategy;Buy or lease decisions;Real estate investments
相關資料：
Case Teaching Note, (HKU254), 9p, by Frederik Pretorius, Mary Ho
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